Budgeting Tips For Remodeling Kitchens and Bathrooms
It’s important to set a budget to give us a clear picture of the options available to you. Generally speaking, you should budget 10%-15% of your home’s market value for a new remodeled kitchen. From an investment standpoint, the kitchen and bathrooms in your home have the highest return on investment, especially if it’s a remodeling investment. According to Remodeling Magazine’s “Cost vs. Value” report, kitchen remodeling projects recoup an amazing 83% of their cost when the home is sold and bathroom remodeling projects return 78% of their investment. In any remodeling project, unforeseen circumstances have a way of popping up when you least expect them. For this reason, your budget should include a 10% to 15% contingency allowance.